The Board of Supervisors on Tuesday approved moving forward on next steps for four economic development incentives aimed at supporting local businesses. All the initiatives are aligned with the County’s economic development action plan approved by the Board last year.
“This doesn’t cost us money, but it gets our folks moving forward and maybe will motivate some growth here,” said Supervisor Sue Hoek.
The County plans to
- Engage with a community development financial institution, an alternative bank that provides financing to underserved communities, to expand services in Nevada County.
- Expand Small Business Administration microenterprise lending into Nevada County by engaging with existing lenders.
- Launch the Statewide Community Infrastructure Program (SCIP) which benefits developers by offering financing to mitigate fees.
- Conduct outreach to businesses and homeowners about the Northern Rural Energy Network administered by Sierra Business Council, which provides incentives for capital investment in renewable energy and energy efficient products.
Supervisor Lisa Swarthout said she is particularly excited about the Statewide Community Infrastructure Program (SCIP). “I’ve been hearing a lot about SCIP over the last few years,” she said. “Hopefully, there will be some developers that will be able to take advantage of it.”
These targeted incentives will expand the Economic Development Office’s toolbox, allowing the County to offer a broader range of solutions to support local businesses. By partnering with a community development financial institution, expanding SBA microenterprise lending, launching the Statewide Community Infrastructure Program, and promoting renewable energy incentives through the Sierra Business Council, Nevada County can better meet the diverse needs of its business community.